There may be some differences between the several brokers you can choose from in the world of cryptocurrency. A common difference is, for example, brokers who offer a free online wallet and brokers who do not. If brokers don’t offer a wallet you have to take care of this yourself. Setting up a wallet yourself is not difficult, but if the broker offers one, this is quite pleasant for the novice trader.
Litebit is a Dutch broker that offers both possibilities. Litebit has a large offer of cryptocurrency and offers a free online wallet linked to your account for most of these cryptocurrencies. In addition to the Litebit wallet, you can also choose to have the cryptocurrency transferred to your own wallet. This makes Litebit the ideal site for beginning and experienced investors. In this Litebit review, we look at the entire platform and discuss our experience.
First impression of Litebit
Litebit exists since 2013 and is based in The Netherlands. Over the years the broker has grown to become the largest broker in Europe based on clients. They have almost 700,000 clients throughout Europe. Because they are a large broker they can offer many different cryptocurrencies for an attractive price. Litebit was the first broker to offer a lot of different cryptocurrencies including a built-in wallet. Nowadays almost every broker offers this.
Register a free Litebit account including built-in wallets
Litebit has a clear website which is available in English, French and Dutch. Everything is clearly described and is therefore certainly suitable for novice users. As a beginner, don’t be put off by the enormous offer or the choice between your own wallet or a Litebit wallet. You will receive your own unique wallet from this broker.
If you do encounter a problem, you can easily contact them. You can do this by phone (check the website to see if they are available), live chat or via social media. Of course, you will also find a page on the site with frequently asked questions that will certainly help you on your way. Keep reading this Litebit review for more information about the platform.
Summary
| Offer | 50+ coins. |
| Fees | ~2%, + spread + payment costs (compare Bitcoin prices of all brokers) |
| Payment methods | iDEAL, Bancontact, bank transfer, Giropay, MyBank and SOFORT. |
| Built-in wallets | Ja, voor iedere munt beschikbaar. |
| Deals | No deals for new or existing users. |
| Account | Yes, mandatory. |
| Customer service | During business hours. |
| Telephone number | +31 010 310 41 75 |
| E-mail address | litebit@litebit.zendesk.com |
Litebit Pros and Cons
| Pros | Cons |
|---|---|
| Over 800,000 customers | High costs, high spread and administration costs. |
| A wide offer + built-in wallets | Additional payment costs. |
| Support is often unresponsive or very unhelpful. | |
| Bad Litebit review because of high fees. | |
| Markets are closed during high volatility. |
Litebit alternative
Litebit charges a trading fee per transaction (just like any other broker). These costs are currently around 2%. This means that after buying or selling you will immediately lose 2%. A cheaper Litebit alternative is the Bitvavo broker. Here you pay a maximum of 0.25% in fees and 0% commission as a welcome bonus over the first € 1,000.
€20 Free Crypto + €10.000 Free Trading at Bitvavo
Fee calculation example: you buy € 100 of Ripple from both parties. With Litebit you receive € 97.58 in XRP tokens (2% fee + payment costs), while with Bitvavo you receive € 99.75 in XRP. With the welcome bonus, you’ll even receive the full € 100. Read more about Bitvavo here.
Litebit offer
Litebit currently offers over 50 different cryptocurrencies in their portfolio (view their current offer here). On top of the well-known digital coins such as Bitcoin, Ethereum and Ripple, you can also choose from many other altcoins.
If you would like to use the self-hosted wallets, you have to know that Litebit does not offer a wallet for every type of cryptocurrency. For some altcoins, you will need to manage your own wallet. Please check before purchasing if there’s a built-in wallet.
Litebit’s offer is large and they can compete well with all other brokers. Especially if you want to choose a slightly less well-known coin in addition to an investment in a well-known currency, Litebit is the perfect place.
Buy cryptocurrency from Litebit
Before you can buy a cryptocurrency from Litebit you need to create an account. Whereas with other brokers it is sufficient to create an account and start buying right away, with Litebit you are obliged to go through a few verification steps before you can start. We will tell you more about this verification later.
Creating an account is easy. After filling in all details and completing all verifications, your account is successfully created and ready to use.
Next, you are advised to secure your account with two-step verification using the Google Authenticator app. This ensures that two steps are required to get into your account. This keeps criminals out. Litebit, but us too definitely advise you to add this extra step as well. In the end it’s all about money.
Once your account has been created and all verifications have been approved, you can get started. Buying a cryptocurrency is easy and fast. Converting euros to cryptocurrency can be done via popular local payment methods and there is no need to first deposit credit into your account.
A broker such as Bitvavo or Coinmerce will require you to do this. So each time you buy cryptocurrency, you need to pay the amount charged by Litebit. Keep in mind that you will always have to pay the additional costs to use your favorite payment method.
If you would like to receive the cryptocurrency in your built-in wallet you can indicate this during the buying process. Click on Use LiteBit wallet to use your unique Litebit wallet.
Register a free Litebit account including built-in wallets
Selling cryptocurrency
Just like buying, selling cryptocurrency can be done in two ways. It depends on whether your cryptocurrency is stored in your own wallet or in a Litebit wallet.
To sell cryptocurrency from your Litebit wallet, first, go to your wallet and choose Sell. Then you indicate the amount of cryptocurrency you want to sell. When everything is specified, the broker will provide a payout. Payment is done by bank transfer and can take up to 1 business day. Our experience is that it is credited to your account within one hour (a Dutch bank).
To sell cryptocurrency from your own wallet, you first need to create a sell order. When you have done this you will receive an unique wallet address to which you have to transfer the cryptocurrency from your own wallet. It’s actually very simple. When you have cryptocurrency in your wallet that Litebit also has a wallet for, you can deposit this cryptocurrency in your Litebit wallet. This can make it a little easier to sell.
Verifications and limits
As we have already told you, at Litebit, you have to perform several checks before your account is really of any use. Due to the new crypto law in the Netherlands, this is mandatory for every broker from now on (operating from The Netherlands). Litebit is officially registered with the Dutch Bank.
To be able to trade on Litebit, the following data must be verified:
- Personal data, including date of birth, nationality and whether you live in America.
- Your address details (this is not necessary for all brokers).
- An identity-document.
- Your bank account.
After successful verification, you can spend €35,000 per day, €245,000 per week and €500,000 per month.
Check out the overview below.
| Standard | Verified | |
|---|---|---|
| Daily | € 0 | € 35 000 |
| Weekly | € 0 | € 245 000 |
| Monthly | € 0 | € 500 000 |
Litebit fees and costs
Of course, a Litebit review is not complete without the fees and other costs. The trading fees charged by Litebit vary per day, but are often around 2%. The Bitcoin fee is always a bit lower. These trading fees are a bit high, when you compare it with the competition.
Update 2020: Litebit has permanently lowered the trading fees for Bitcoin, Ethereum and Ripple.
If you really want to trade more often, it might be wisely to look for a cheaper broker like Bitvavo. Do you want to know what the cheapest broker is at the moment? Take a look at our comparison pages. Here you can, for example, compare Bitcoin or Ripple.
To make Litebit a bit cheaper, you can use Litebit credits. 1 Litebit credit equals 1 euro. A Litebit credit is not a cryptocurrency, but you can buy cryptocurrency without any transaction costs. You do have these costs if you pay with a payment method. So if you are going to trade a lot, these credits are a good way to reduce the costs a bit. Of course, you can also payout Litebit credits in euros to your bank account.
Is Litebit safe?
Litebit is a large broker that has been in the cryptocurrency world for many years. Of course, the fact that a broker is large does not necessarily mean that it’s also a safe broker, but in the case of Litebit, this is certainly the case. We’ve made several trades in the past with this platform, but we switched because of the high trading fees.
Litebit offers ok support to clients and has a nice platform to work on. With almost 800,000 clients, this broker has a good reputation within the cryptocurrency world based on safety. Especially during the hype of 2017/2018, they managed to attract many customers, due to the relatively low competition. In the meantime, a lot of brokers and exchanges have emerged that are now cheaper, offer more functions, have a larger offer and have higher volumes. Litebit didn’t do much about the marketing or platform in the recent years.
Register a free Litebit account including built-in wallets
Because of the own wallet that Litebit offers, it is very suitable for beginners, but experienced traders can also make good use of this broker. We often see that many traders sell their coins on another broker, but of course, it never hurts to have accounts for different brokers. Especially when our comparison shows that Litebit is currently the cheapest broker.
Because Litebit has shown in the past that they have a large clientele, it can happen that Litebit temporarily introduces a new member stop. Certainly, around the time when cryptocurrency is in the news a lot, Litebit has to close its platform once in a while. So make sure you have an account with Litebit. Having an account never hurts of course and is completely free!
In this Litebit review, we also have to be honest. Although this company has a huge client base and has been around for a long time, we can see from the trading volume that fewer and fewer people are trading with this broker. This may be because they charge a relatively high fee compared to the competition.
Litebit FAQ
What are the Litebit fees?
Litebit charges a 2% service fee. These fees are already included in the prices you see on the platform.
What payment methods does Litebit accept?
Litebit accepts iDEAL, Bancontact, bank transfer, Giropay, MyBank and SOFORT. You can also pay with Litebit Credits. They charge extra costs for some payment methods.
What is the minimum investment?
Different thresholds are used by Litebit. This is usually an amount between € 10 and € 25.
How long does a payout take?
A payout does not exceed 1 business day unless additional checks have to be done. The cost of a payout is € 0.40.
How do I contact customer service?
Customer service is available on business days from 09:00 to 21:00 and on Saturdays from 09:00 to 17:00. You can reach them via e-mail, telephone, social media or live chat.
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